Report Cites MetricStream as "The First GRC Vendor to Build a Dedicated SRPM Solution"

Supply Chain GRC

Supply Chain GRC

With increasing outsourcing, retailers' supply chains have become a complex labyrinth of multiple vendors, distributors, suppliers, sub-suppliers and factories. Historically, many retailers followed an ad-hoc and siloed approach to managing suppliers and various programs including for sourcing and supplier policy, audit, risk, compliance and performance management.

Legal, regulatory and corporate compliance requirements such as FCPA, AML, C-TPAT, Customs and Trade compliance, Transportation, Environmental, and OSHA, as well as CSR, sustainability and social compliance requirements, necessitate continuous management of supply chain security assessments, supplier and third-party risks, audits, and capacity building programs. In addition, product safety and traceability related regulations and requirements such as REACH, TSCA, California Prop 65, and Conflict Minerals have also added to the complexity.

MetricStream's Supply Chain GRC Solution helps retailers streamline, automate and integrate various processes and programs such as third-party due-diligence, supplier onboarding, supplier quality, supplier audit and compliance, monitoring and improving supplier performance, and supplier risk management. With the solution, retailers can anticipate and proactively manage a whole range of supply chain issues pertaining to sustainability and social compliance, security, product quality and safety, supplier processes, regulatory compliance and non-conformance management aspects, as well as supplier country related risks, and contract and legal issues,.

MetricStream solution facilitates supplier mapping and end-to-end supply chain visibility, enabling retailers to achieve increased traceability of their products and raw materials, and meet relevant regulatory and compliance requirements. The solution provides comprehensive capabilities to perform risk assessments based on configurable methodologies; and conduct audits and surveys based on best practice templates. It enables a centralized approach to these exercises, and helps retailers identify the source or location of suppliers and products, and accurately declare the materials and ingredients used in their products.

The built-in workflow engine provides capabilities to assign tasks and collaborate with suppliers for product and material information management. Relevant non-conformance information can be captured and prompt remediation actions can also be implemented. It also serves as a valuable mechanism to manage third-party due-diligence programs, measure and manage supplier contract and SLA compliance as well as drive CSR and sustainability programs.

The key benefits of the Solution include:

Enables retailers to drive higher supplier standards and efficiencies, leading to enhanced long-term business benefits

Empowers retailers to establish a transparent system for better collaboration and coordination with their suppliers

Facilitates integration with external sources and enterprise applications, to strengthen supplier training programs, and to be regularly updated with the latest industry, market and supply chain trends

Ensures that senior management and the Board have complete visibility into supplier processes, thereby being proactively involved in devising better supplier strategies

Helps retailers achieve cost savings by replacing manual, paper based systems and processes with sophisticated and integrated tools and modules, for increased and more quantifiable results